The United Kingdom branch of Christ Embassy, owned by popular Nigerian televangelist, Chris Oyakhilome, is broke and has been declared insolvent by the Charity Commission, the agency that regulates charity organisations in the country.

The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016. On its website, the Charity Commission flagged Christ Embassy as “charity insolvent”. According to the commission, a charity is considered as being insolvent when it is “unable to pay its debts.”

“In practice there are two separate tests for insolvency and failure of either might be an indication of insolvency: The charity cannot pay its debts as they fall due for payment; The value of its liabilities exceeds its assets.
“Charities will be flagged as insolvent on our register when we are made aware of an insolvency situation and we are provided with verification from a qualified, independent insolvency practitioner.” the commission explained.

The church’s present financial problem is another episode in a series of crisis that has plagued the church since 2013. In 2014, Mr. Oyakhilome lost a fierce power tussle over the church in the UK with his ex-wife, Anita. Though she, now known as Anita Ebhodaghe Schafer, was the head of the UK branch of the church, Mr. Oyakilome presided over the charity’s board of trustee since inception until he was forced to resign in 2014.

After he was kicked out of the church’s board of trustee, the former flamboyant couple went their separate ways in a bitter divorce five months later. In 2013, the UK government set up an inquiry into possible financial misplacement of the church’s fund between 2008 and 2012. Government-appointed auditors later raised eyebrows over suspicious payments worth N2.14 billion (£4.28 million) made to companies and organisation closely related to the church in 2013.

Dwindling income, increasing expenditure
Though the Charity Commission did not immediately respond to PREMIUM TIMES’ request for further details about the circumstances leading to the church being declared insolvent, a peep into its financial history shows that the church started bleeding about 16 months before Mr Oyakhilome was removed as a trustee of the church.

In 2012 Christ Embassy, UK was in perhaps its best position financially. Its membership was growing in multiples and donations including tithes and offerings were ballooning. New chapters were opened all across the UK. In England, new chapters were opened in Bridgend, Peterborough, Swindon, Stockton and a third chapter in Manchester. Similarly, in Scotland, new chapters were opened in Aberdeen, Edinburgh, Dundee and Glasgow.

Though in the year, its expenditure was N4.49 billion (£8.88 million), the church had an income of N8.43 billion (£16.72 million), which left it with a surplus of N3.96 billion (£7.84 million) excluding a gift of over N1 billion (£2 million) in net asset donated to it by its subsidiary, Christ Embassy Limited.
“The ministry is therefore in a comfortable position to meet all financial commitments and projections for the coming year,” the church boasted.

The first whiff of problem appeared after the church turned in its financial statement in 2013. The church’s income was N7.1 billion (£14.1 million) which was a drop of N1.3 billion (£2.6 million) from the income of thee expenditure. However, its expenditure rose drastically to N8 billion (£15.9 million), which is an increase of N3.5 billion (£7 million). Thus, from a surplus of N3.96 billion (£7.89million) the previous year, the church slumped into a deficit of N961.6 million (£1.9 million).

Despite the drastic slump in income, the church was still optimistic about its future: “The Ministry remains in a comfortable position to meet all its financial commitments and projections for the coming year,” it stated. In 2014, the church’s income continued on its downward trajectory while its expenditure stayed high. Its income dropped to N6.7 billion (£13.2 million). But due to cuts in its expenditure, the church managed to make a surplus of N506 million (£1 million).

In 2015, Christ Embassy took its biggest hit. Income for the year was N2.3 billion (£4.7 million) from the N6.7 billion (£13.2 million) the previous year, while expenditure rose to over N5 billion (approximately £10 million). Thus, its deficit for the year amounted to just over N1.7 billion (£3.2 million). The fees paid to Rod Weston of the international audit and accounting firm, Mazars LLP, who was appointed by the Charity Commission to take over the management of the church, may cause the increase in the church’s expenditure in 2014 and 2015.

The ministry’s annual return for both years indicated that a total of N7.6 billion (£15.1million) was paid to the interim manager. The church still has an outstanding fee of N1.1 billion (£2215,914) to pay the interim manager in 2015. When reached for comments, an official of the church, who refused to identify himself, was furious that this newspaper wanted to do a story about the church. "Why do you need the information? What story? Who gave you the story to work on? Why are you calling?, he asked.

When told that ethically journalists are required to talk to the subjects of their stories to write balanced reports, he said there was no need to ask the church any question. "If you are a journalist and you got your story from anywhere why do you need to balance it, you go ahead. There is no need to clarify,” he said.

Incestuous transactions......


More @ http://www.exlinklodge.com/2018/02/christ-embassy-branch-in-united-kingdom.html?m=1

cc mynd44 lalasticlala missyb3

Haters will come here and say that daddy freeze messages is making impact. That's a very foolish thing to believe. Anita has run the UK church to the ground

Thats the effect of divorce. Anita who was supposed to be in charge of the branch lost intrest in that ministry and simply let it collapse or die a natural death. Had they been still together, that UK branch would still have been bubbling. I wonder what Pastor Chris teaches his members when it comes to marriage and divorce and family life. You cant give what you dont have. Christ Embassy is simply for youths, students and young at heart, and not for matured people or family men.

How would a church declare itself bankrupt like its a business enterprise

Please can someone explain to me what they were saying there.


I find it hard to comprehend the figure

d

hmm

This is nostalgic.
History is repeating itself.

This was just how Pastor Patrick Anwuzia's Zoe Ministry's bow-leg began.

Another business has gone down

lofty900:
Haters will come here and say that daddy freeze messages is making impact. That's a very foolish thing to believe.

Daddy Freeze msg is making impact, I am in my house, come and beat me.

hmm

Lol why won't they go bankrupt since most whites don't fancy religion.

They don't go to church = no offering/tithe = no money = bankrupt = closure of church.

NwaAmaikpe:

Oya, talk. Welcome back from the nairaland mid-term vacation. (BAN)

Recession or what?

NwaAmaikpe:

Where went thou?

Pastor is over flexing the money

No more tithes again?

Hmm UK will decend on churches now watch.

NwaAmaikpe:

Welcome back

[s]

Nairalanddist:
We Yoruba Muslims are willing to do our best to ensure Islamic teachings is embraced all over the southern Nigeria. We beg the federal government to please ban churches all over the south who are fond of exploiting fellow Nigerians who ought to be Muslims. In the nearest future, Christianity will be wiped off our dear country and all of us will receive guidance and instructions from the Sokoto Leadership

[/s]
And na person born this one o

Hmmn

Ok

Is the church a business place?

The wealth of the church should be measured based on spiritual growth not on physical wealth.

This isnt Christ-like.

This is clearly a coded message for the wife...

He who has ears to hear would decipher....!

Where are the sheeples to support the ministry na

Just imagine the cash being mentioned here. all these pastors are criminals. why dem no go buy private jets? Oyakhiloma way day fork sinach leave him beautiful wife, Anita. when that woman filed divorce paper the initial reason na adultery all of a sudden maybe becos of the kids, she changed her statement. Man way no fit keep him preek one place. Now, that branch in UK is closing because of the divorce scandal. na small small all their yarsh go day open. thieves. see the money way dem day rob innocent people way day find God.

e remain omega ministry to declare bankruptcy because the money way dem pay Otobo no be small. ashawo pastors and their sheeples go day defend dem. na so so bad news of them we go day hear every time for front page.

Did anybody notice what i saw " CHRIST EMBASSY LIMITED" LOL. y are u even talking, wetin concern me. sipping my kunu

The church of God will always prevail

Eyaaaaah!

With all the tithe collections n free will offering, they can't pay their debt.

Fraud in high places...

desreek9:
:oHow would a church declare itself bankrupt like its a business enterprise

Well, it happened in a country where laws are enforced
Thereby shielding her people from blatant fraud